BTC/USD Forecast Today 07/01: Breaks Above $100,000 (Video)

2025-01-07 02:50:14

(MENAFN- Daily Forex)

Bitcoin broke higher during the trading session on Monday, clearing the $100,000 level.
This is an area that's been very difficult to overcome as of late, but we have.
Now it looks like we probably will go higher over the longer term. I still think we're more or less in a range bound type of market, but I do favor the upside. I think that's pretty obvious here.

On a pullback, I believe that there will be plenty of buyers willing to get involved. And eventually we could go looking to the $109,000 level. If we break down from here, it's likely that the 50 day EMA near the $94,000 level offer support, followed by the $90,000 level, which extends down to the $88,000 level.

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I have no interest in trying to get short this market. And now I think it's all about interest rates and what they're doing, especially in America, with interest rates dropping during the day. That's part of what got things going. There were some really bad news reports about the United States putting tariffs on everybody. When Trump came to office, he's already turned that around in the press by saying it was an absolute lie.

So now the question is, will Bitcoin continue to go higher? I think it will, but I still think we have a lot of work to do because despite the fact that the Trump administration is very pro crypto, being pro crypto and actually doing something or two different things. And I think the market is more or less in a waiting period, which I think makes sense, considering just how we shot through the air a couple of times last year. It probably needs time to catch its breath. At this point, a bit of consolidation will be welcomed, as it allows traders and investors to accumulate more Bitcoin.

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